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South Korea's Mirae receives Indian clearance to acquire Sharekhan and Human Value Developers

( April 2, 2024, 22:07 GMT | Official Statement) -- MLex Summary: South Korea’s largest securities company, Mirae Asset Securities, together with its domestic arm Mirae Asset Capital Markets (India) received merger clearance from the Indian antitrust watchdog to acquire leading domestic broking firm Sharekhan and Human Value Developers. In December 2023, Mirae announced its plans to acquire 72.76 percent stake in Sharekhan from the French bank BNP Paribas to beef up its presence in India, as MLex previously reported. It also proposed to acquire a 99.9 percent stake in Human Value Developers, the investment company that holds the balance 27.24 percent stake in Sharekhan. The total deal size is reportedly 30 billion rupees ($375 million). Despite the horizontal and vertical overlaps, the Competition Commission of India cleared the acquisition unconditionally. A detailed order will follow, according to a CCI statement issued on Tuesday. Statement from the Competition Commission of India follows:...

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